Forex Technical Analysis: Trend potential – Sell around (1.4069-1.2023)

GBPUSD – Flat

Sell around (1.4069-1.2023)

Technical observation

Price broke down below a support zone (1.4069-1.4023) on 5th of this month, it then went down before correcting to the broken zone with a pin bar tail then continued down up to a key line 1.3792.Currently price is rallying towards (1.4069-1.4023) and I expect a rejection of it at the zone or around the zone for a bearish movement of price towards 1.3792 or even further lower to 1.3313.Right now i would advise you short GBPUSD after a rejection of price around the resistance zone with your first target at 1.3792 and the next at 1.3313 and stop loss at 1.4134.

Technical levels

Resistance levels

R1.1.3953

R2.1.4082

R3.1.4306

Pivot

1.3859

Support levels

S1.1.373

S2.1.3636

S3.1.3412

Trade signal

Short GBPUSD around (1.4069-1.4023) with your first target at 1.3792 and the next at 1.3313 and stop loss at 1.4134.

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